Russian steelmaker Severstal has announced that it will invest approximately $98 million in iron ore and coal exploration projects both in Russia and internationally in 2012.
The company will invest more than RUR 223 million ($6.6 million) in exploration projects in Russia, increasing nearly 2.5 times compared to 2011. Regarding the greenfield iron ore projects in Liberia and Brazil, Severstal plans to invest $66 million in the Putu iron ore project in Liberia, more than double the investment of the previous year, and $6.4 million is planned to be invested in the Amapa iron ore project in Brazil.
As SteelOrbis previously reported, in April, Severstal acquired a 38.5 percent minority interest in the Putu iron ore project from British mineral exploration and development company Afferro Mining in return for a $65 million cash payment